Natural gas futures jumped 2.1% to $2.87 per MMBtu. Analysts monitoring commodity futures prices expect volatility to remain elevated as colder weather forecasts emerge across the northern U.S. As I wrote in the August monthly recap, “ the U.S. natural gas futures market tends to reach seasonal highs when the injection season ends and withdrawal from stockpiles begins in November. However, the futures market tends to reflect the upcoming peak demand season in early fall .” We could see increasing volatility in NYMEX U.S. natural gas futures over the coming weeks. LNG demand from Europe could support prices as U.S. supplies replace Russian natural gas exports to the European market. Nearby natural gas futures prices were just over $3.30 per MMBtu at the end of September, but prices for January 2026 delivery settled at $4.177 per MMBtu on September 30, as the market expects rising prices over the coming weeks and months. Kilian L, Lee T (2013) Quantifying the speculative component in the real price of oil: the role of global oil inventories. J Int Money Financ 42. https://doi.org/10.1016/j.jimonfin.2013.08.005 Soybean futures traded steady at $13.22 per bushel. Commodity futures prices outlook remains balanced, with demand in China offsetting ample U.S. harvest yields.
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